The Hong Kong Institute of Certified Public Accountants (HKICPA) is set to enhance its accounting guidelines for virtual assets this year. Newly appointed president Law Cheuk-kin announced that the first part of the guidelines, focusing on virtual currencies and stablecoins, has already been issued. The second part, addressing the Hong Kong Monetary Authority's (HKMA) audit requirements for stablecoins, is under discussion and expected to be released within six months. The third segment of the guidelines is anticipated by the end of the year, contingent on reaching a consensus with regulators and industry stakeholders. These developments aim to provide clarity and support to the accounting and business communities in handling virtual assets effectively.